New South Wales Consolidated Acts

HOME BUILDING ACT 1989 - SECT 103BA

103BA Time limits for policies issued between 1.5.1997 and 30.6.2002

(1) A contract of insurance under the Home Building Compensation Fund entered into on or after 1 May 1997 and before 1 July 2002 provides insurance cover in respect of loss only if a claim in respect of the loss is made to the insurer during the period of insurance.

(2) A loss that becomes apparent in the last 6 months of the period of insurance has an
"extended claim period" , which permits a claim in respect of the loss to be made within 6 months after the loss becomes apparent. There is no extended claim period for a loss that arises from non-completion of work.

(3) For the purposes of this section and section 103BB, a loss
"becomes apparent" when a beneficiary under the contract of insurance first becomes aware (or ought reasonably to have become aware) of the loss.

(4) In this section and sections 103BB and 103BC--

"loss" means loss indemnified by a contract of insurance under Part 6.

"period of insurance" means the period for which a contract of insurance under Part 6 provides cover.